Solana: Of BONK, WIF, and their role in DEX volumes

• The number of daily active wallets jumped 37% month-to-date.
• Solana’s DEX volumes nearly doubled over the week.

Popular smart contracts blockchain Solana [SOL] has been experiencing robust network participation since the start of March.

Solana sees a jump in active wallets

According to AMBCrypto’s analysis of Step Finance dashboard, the number of daily active wallets jumped 37% month-to-date, with the count of 794.9K on the 7th of March being the second-highest in 2024.

Unique active wallets are those that pay fees for at least one transaction within a given time frame.

As the graph shows, the daily count went parabolic since November 2023. Before this, Solana saw less than 100,000 active wallets daily.

Solana DEX volumes surge

The exponential rise in daily users could be attributed to increasing activity on Solana-based decentralized exchanges (DEXes).

According to AMBCrypto’s analysis of DeFiLlama’s data, Solana outperformed Ethereum [ETH] for the second consecutive day to remain at the numero uno spot in DEX volumes.

Over the past week, Solana’s DEX volumes nearly doubled to $16.74 billion, marking its most prolific week ever.

Source: DeFiLlama

Popular Solana DEXs like Jupiter [JUP] and Orca were powering the surge, featuring in the top 5 DEXes by 24-hour volumes, according to CoinGecko.

Solana: the meme coin chain

The spike in DEX trading could be ascribed to the ongoing meme coin frenzy, during which leading coins of the sector have posted remarkable gains.

Solana-based meme coins like Bonk [BONK] and dogwifhat [WIF] rose 18% and 71% over the week, respectively, according to CoinMarketCap.

In fact, the WIF/SOL and WIF/USDC trading pairs were among the top 10 most traded on the Jupiter exchange in the past 24 hours.

How much are 1,10,100 SOLs worth today?

While Ethereum has long been the go-to chain for memecoin trading, Solana’s recent successes have spiced up the competitive landscape.

Meanwhile, the network’s native token SOL was exchanging hands at $146.76 at press time, having risen 14% over the week. The fifth-largest crypto’s monthly gains stood at an impressive 42%.